7RCC Applies for an ESG-focused Spot Bitcoin ETF

cryptonews.com:

Asset manager 7RCC has formally submitted a spot Bitcoin exchange-traded fund (ETF) application focused on environmental, social, and governance (ESG) principles to the Securities and Exchange Commission (SEC).

As detailed in the proposal filed on December 18, the ETF is structured to appeal to ESG investors. In line with this commitment, the application will consist of 80% Bitcoin (BTC) and 20% carbon credit futures.

The Bitcoin component provides exposure to the cryptocurrency market while including carbon credit futures, reflecting a dedication to supporting environmentally responsible initiatives.

The 7RRC proposal adopts a balanced approach, aiming to appeal to investors seeking financial returns and a portfolio aligned with their ESG values.

If approved, the asset manager will create a novel investment opportunity under the ticker name BTCK, which will merge digital assets and sustainable finance.

However, the S-1 filing doesn’t address the ongoing debate about the preferred mechanism, “cash or in-kind,” for licensed participants to create and redeem shares of the Bitcoin ETF.

Currently, this matter is actively being discussed in meetings involving potential issuers, including prominent players like BlackRock and the SEC.